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Why Do We Need Both Liquidity Regulations and a Lender of Last Resort? A Perspective from Federal Reserve Lending during the 2007-09 U.S. Financial Crisis
Carlson, Mark A.; Duygan-Bump, Burcu; Nelson, William R. - Federal Reserve Board (Board of Governors of the … - 2015
During the 2007-09 financial crisis, there were severe reductions in the liquidity of financial markets, runs on the shadow banking system, and destabilizing defaults and near-defaults of major financial institutions. In response, the Federal Reserve, in its role as lender of last resort (LOLR),...
Persistent link: https://www.econbiz.de/10011255344
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Firm Entry and Employment Dynamics in the Great Recession
Siemer, Michael - Federal Reserve Board (Board of Governors of the … - 2014
The 2007-2009 recession is characterized by: a large drop in employment, an unprecedented decline in firm entry, and a slow recovery. Using confidential firm-level data, I show that financial constraints reduced employment growth in small relative to large firms by 4.8 to 10.5 percentage points....
Persistent link: https://www.econbiz.de/10010886223
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Loan Sales and Bank Liquidity Risk Management: Evidence from a U.S. Credit Register
Irani, Rustom M.; Meisenzahl, Ralf R. - Federal Reserve Board (Board of Governors of the … - 2015
We examine the impact of banks' liquidity risk management on secondary loan sales. We track the dynamics of bank loan share ownership in the secondary market using data from the Shared National Credit Program, a credit register of syndicated bank loans administered by U.S. regulators. We analyze...
Persistent link: https://www.econbiz.de/10011273699
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The Real Effects of Credit Line Drawdowns
Berrospide, Jose M.; Meisenzahl, Ralf R. - Federal Reserve Board (Board of Governors of the … - 2015
Do firms use credit line drawdowns to finance investment? Using a unique dataset of 467 COMPUSTAT firms with credit lines, we study the purpose of drawdowns during the 2007-2009 financial crisis. Our data show that credit line drawdowns had already increased in 2007, precisely when disruptions...
Persistent link: https://www.econbiz.de/10011273700
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Loan Sales and Bank Liquidity Risk Management: Evidence from a U.S. Credit Register
Irani, Rustom M.; Meisenzahl, Ralf R. - Federal Reserve Board (Board of Governors of the … - 2014
We examine the impact of banks' liquidity risk management on secondary loan sales. We track the dynamics of bank loan share ownership in the secondary market using data from the Shared National Credit Program, a credit register of syndicated bank loans administered by U.S. regulators. We analyze...
Persistent link: https://www.econbiz.de/10011119862
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Consumers' Attitudes and Their Inflation Expectations
Ehrmann, Michael; Pfajfar, Damjan; Santoro, Emilianio - Federal Reserve Board (Board of Governors of the … - 2015
This paper studies consumers' inflation expectations using micro-level data from the Surveys of Consumers conducted by … expectations that income will go down in the future have a stronger upward bias in their expectations than other households …. However, their bias shrinks by more than that of the average household in response to increasing media reporting about …
Persistent link: https://www.econbiz.de/10011261278
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An agency problem in the MBS market and the solicited refinancing channel of large-scale asset purchases
Kandrac, John; Schlusche, Bernd - Federal Reserve Board (Board of Governors of the … - 2015
In this paper, we document that mortgage-backed securities (MBS) held by the Federal Reserve exhibit faster principal prepayment rates than MBS held by the rest of the market. Next, we show that this stylized fact persists even when controlling for factors that affect prepayment behavior, and...
Persistent link: https://www.econbiz.de/10011273692
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An Empirical Analysis of Futures Margin Changes: Determinants and Policy Implications
Abruzzo, Nicole; Park, Yang-Ho - Federal Reserve Board (Board of Governors of the … - 2014
Margin regulation raises two policy concerns. First, an alignment of margins to volatility can amplify procyclicality, leading to a build-up of excess leverage in good times and a forced deleverage in bad times. Second, competition among central counterparties (CCPs) can result in lower margin...
Persistent link: https://www.econbiz.de/10011075125
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Inflation Experience and Inflation Expectations: Dispersion and Disagreement Within Demographic Groups
Johannsen, Benjamin K. - Federal Reserve Board (Board of Governors of the … - 2014
groups in the dispersion of household-specific rates of inflation. Using survey data on inflation expectations, I show that … of the expectations formation process of households. …
Persistent link: https://www.econbiz.de/10011075121
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Do indicators of financial crises work? an evaluation of an early warning system
Edison, Hali J. - Federal Reserve Board (Board of Governors of the … - 2000
The object of this paper is to develop an operational early warning system (EWS) that can detect financial crises. To achieve this goal the paper analyzes and extends the early warning system developed by Kaminsky, Lizondo, and Reinhart (1998) and Kaminsky and Reinhart (1999) that is based on...
Persistent link: https://www.econbiz.de/10005368179